From the Document: "The World Trade Organization (WTO) was established on January 1, 1995, following the ratification of the Uruguay Round Agreements, and today includes 164 members. It succeeded the 1947 General Agreement on Tariffs and Trade (GATT), created as part of the post-WWII effort to build a stable, open international trading system. The WTO has three basic functions: (1) administering its agreements; (2) serving as a negotiating forum for new trade liberalization and rules; and (3) providing a mechanism to settle disputes. [...] The GATT/WTO system over time has led to a significant reduction of trade barriers, supported trade expansion and economic growth, and helped manage trade frictions."
CRS In Focus, IF10002
Congressional Research Service: https://crsreports.congress.gov/